Contents - Genting Group

GENTING BERHAD • Annual Report 2001
31. FINANCIAL INSTRUMENTS (Cont'd)
Subsequently, the Group entered into an IRS agreement as follows:
Contract amounts Transaction dates Maturity dates
USD'000
30,000 13 August 2001 25/04/2003 to 25/04/2006
30,000 16 August 2001 25/04/2003 to 25/04/2006
20,000 22 August 2001 25/04/2003 to 25/04/2006
20,000 30 August 2001 25/04/2003 to 25/04/2006
The effect of the above swaps is to effectively fix the interest rate payable on that tranche of the loan with effect from 25
October 2001 and up to their respective maturity dates as set out above.
e) Foreign Currency Contracts
Contract
amount Equivalent
Currency Transaction dates Maturity dates Mil RM Mil
Swiss Francs 14/12/2001 to 31/12/2001 25/02/2002 to 28/02/2002 1.1 2.5
US Dollars 28/08/2001 to 28/12/2001 28/01/2002 to 17/06/2002 6.2 23.4
Japanese Yen 19/12/2001 to 31/12/2001 28/01/2002 to 28/02/2002 263.4 7.7
Singapore Dollars 14/12/2001 to 28/12/2001 28/01/2002 to 27/03/2002 2.2 4.6
Euro Dollar 14/08/2001 to 28/12/2001 31/12/2001 to 22/03/2002 3.6 11.8
These instruments are executed with a creditworthy financial institution and the Directors are of the view that the possibility
of non performance by the financial institution is remote on the basis of its financial strength.
32. CONTINGENT LIABILITIES
Group
2001 2000
Secured:
Guarantees given by a subsidiary company to third parties in relation to
certain property development activity in Sydney, Australia. 3.5 3.8
33. CAPITAL COMMITMENTS
Group
2001 2000
Authorised capital expenditure not provided for in the financial statements:
- contracted 169.1 610.8
- not contracted 111.5 162.5
280.6 773.3
Analysed as follows:
- property, plant and equipment 236.3 771.9
- others 44.3 1.4
280.6 773.3
34. DISPOSAL OF AN INDIRECT SUBSIDIARY COMPANY
On 2 July 2001, Laila Ltd, an indirect 95% owned subsidiary of the Company, entered into a Sale and Purchase Agreement
with BP Global Investments Ltd for the disposal of the entire equity capital in Cairns Ltd, which holds a 45% interest in the
Muturi Production Sharing Contract ("PSC") in Irian Jaya, Indonesia.
The total consideration in cash comprised Initial Consideration of USD106.8 million (equivalent RM405.9 million) followed
by payments of Deferred Consideration, commencing in the month in which commercial petroleum production attributable to
the Contract Area occurs and ending with the Muturi PSC Termination. The Deferred Consideration is based upon 30% of
Cairns' Participating Percentage of 45% , applicable in essence, to the Muturi Contractor's pre-tax income.
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